【摘要】：營運資金管理政策是基于營運資金的公司決策的工作原則,引導公司營運資金管理目標的實現(xiàn),公司必須依靠科學的營運資金管理政策才能實現(xiàn)相關的財務目標。雖然營運資金管理在企業(yè)財務管理中的重要作用,但是在我國并未得到足夠的重視。在理論上,對營運資金的管理缺乏理論創(chuàng)新和充足的實證研究；在實踐中,相對于國外的營運資金管理水平,我國大部分的企業(yè)比較落后,通常占用過多的營運資金,對短期負債融資的依賴,低效的營運資金周轉(zhuǎn)率等。對企業(yè)營運資金管理政策的實證研究,以彌補理論研究的不足之處,也利于企業(yè)制定合理科學的營運資金管理政策,達到改善營運資金管理的目的。對營運資金管理政策的研究具有重要的學術價值和實用價值。 本論文首先闡述了營運資金管理政策研究的背景和意義,選取零售業(yè)上市公司2005年至2012年八年的數(shù)據(jù)為樣本進行描述性分析,揭示我國零售業(yè)上市公司營運資金管理政策時序動態(tài)趨勢以及現(xiàn)狀,并對其原因做出進一步分析。同時采用多元回歸分析的方法,利用上市公司數(shù)據(jù)來研究營運資金管理政策對公司業(yè)績的影響。最后,本文利用聚類分析的方法將上市公司營運資金管理政策分拆成不同的組,然后分析了不同組的公司業(yè)績表現(xiàn),實證表明：營運資金管理政策與公司業(yè)績密切相關,企業(yè)可以通過調(diào)整營運資金管理政策來提高公司業(yè)績。 經(jīng)過實證分析之后,本文在結論部分中針對我國零售業(yè)上市公司提出了四條建議來改善營運資金管理政策。分別是：1)增加總資產(chǎn)規(guī)模的同時,盡量保持流動資產(chǎn)占總資產(chǎn)的比例不會有太大的變動,力求維持適度的營運資金投資政策；2)保證流動負債能夠滿足大部分的流動資產(chǎn)需求,堅持期限和金額的匹配,盡可能地做到配合型營運資金籌集政策；3)加強對營運資金周轉(zhuǎn)效率的重視程度,追求高效的營運資金周轉(zhuǎn)政策；4)結合行業(yè)特征以及行業(yè)環(huán)境變化情況,并借鑒同行業(yè)中管理水平相對高的管理經(jīng)驗制定營運資金管理政策。
[Abstract]:The working capital management policy is based on the working capital company decision-making work principle, guide the company working capital management goal realization, the company must rely on the scientific working capital management policy to realize the related financial target. Although the working capital management plays an important role in the enterprise financial management, it has not been paid enough attention to in our country. In theory, the management of working capital is lack of theoretical innovation and sufficient empirical research; In practice, compared with the level of working capital management in foreign countries, most enterprises in our country are relatively backward, usually occupying too much working capital, relying on short-term debt financing, and inefficient turnover of working capital, etc. The empirical research on the working capital management policy of enterprises can make up for the deficiency of the theoretical research and help the enterprises to formulate reasonable and scientific working capital management policies to improve the working capital management. The research on working capital management policy has important academic value and practical value. This paper first expounds the background and significance of the research on working capital management policy, and selects the eight years data of retail listed companies from 2005 to 2012 as a sample for descriptive analysis. This paper reveals the temporal trends and current situation of the working capital management policies of the listed companies in the retail trade in China, and makes further analysis on the reasons. At the same time, the effect of working capital management policy on company performance is studied by using the method of multiple regression analysis and the data of listed companies. Finally, this paper divides the working capital management policy of listed companies into different groups by cluster analysis, and then analyzes the performance of different groups. The empirical results show that the working capital management policy is closely related to the company performance. Companies can improve their performance by adjusting working capital management policies. After empirical analysis, this paper puts forward four suggestions to improve the working capital management policy for Chinese retail listed companies in the conclusion part. They are as follows: 1) while increasing the scale of total assets, we should try our best to keep the proportion of current assets to total assets without too much change, and strive to maintain a moderate investment policy of working capital; 2) to ensure that current liabilities can meet most of the demand of current assets, insist on the matching of term and amount, and make the policy of matching working capital as far as possible; 3) pay more attention to working capital turnover efficiency and pursue efficient working capital turnover policy; 4) making working capital management policy based on the industry characteristics and the changing situation of industry environment, and drawing lessons from the relatively high management experience of the same industry.
【學位授予單位】：華北電力大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F724.2;F715.5

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本文編號：2394866